Project profile — Affirmative Finance Action for Women in Africa (AFAWA)

• Africa, regional (100.00%)

• Financial policy and administrative management:
Financial policy and administrative management (24010) (5.00%)
Formal sector financial intermediaries (24030) (5.00%)
Education/training in banking and financial services (24081) (20.00%)
• Industry: Small and medium-sized enterprises (SME) development (32130) (70.00%)

• Gender equality (significant objective)
• Children's issues (not targeted)
• Desertification (not targeted)
• Biodiversity (not targeted)
• Environmental sustainability (cross-cutting) (not targeted)
• Indigenous Issues (not targeted)
• Climate change mitigation (not targeted)
• Participatory development and good governance (not targeted)
• Nutrition (not targeted)
• Youth Issues (not targeted)
• ICT as a tool for development (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Urban issues (not targeted)
• Disability (not targeted)
• Climate Change Adaptation (not targeted)
• Trade development (not targeted)

This project aims to enhance African women entrepreneurs access to finance by providing financial guarantees issued by the African Guarantee Fund to African financial institutions. The initiative promotes a shift toward a gender-sensitive approach in the lending decision-making processes of African financial institutions. Project activities include: (1) providing tailored financial services to African women entrepreneurs (2) strengthening gender-based analysis of participating African financial institutions; and (3) enhancing the capacity of African financial institutions and Small and medium-sized enterprises (SMEs) to shift the lending culture toward gender-sensitive opportunities.

The expected outcomes of the project include: (1) increased financial productivity and growth of women-owned or led SMEs in Africa; (2) Increased access to and control over financial resources and services by women-owned or led SMEs; and (3) Improved product and service offerings by financial institutions for women-owned/led SMEs.

Results achieved as of December 2023 include: (1) issued $416 million worth of guarantees to support women-led small and medium enterprises in Africa; (2) enabled women-owned or led small and medium-sized enterprises to access $212 million worth of new loans; and (3) enabled approximately 7000 WSMEs to access financing ranging from $7,800 to $3,500,000.

• Proactive disclosure